05:00 AM EDT, 07/01/2025 (MT Newswires) -- Ribbon Acquisition Corp. ( RIBB ) has agreed to merge with Tokyo-based biopharmaceutical company DRC Medicine, the companies said late Monday.

DRC Medicine owns Hydro Silver Titanium, a proprietary technology applied in consumer hygiene products such as masks and towels.

Under the deal, current DRC Medicine shareholders will own about 83% of the combined company. The deal will also provide $50.4 million in funding for DRC Medicine's business and operations.

The deal implies a pre-money equity value for DRC Medicine of $350 million, the companies said.

The combined company is estimated to have a pro forma equity value of $422 million and is expected to be listed on the Nasdaq Global Market.